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Tubacex (TUB) investor relations material

Tubacex Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • EBITDA reached €61M, up 21.8% year-over-year, with net profit surging 140.9% to €15.6M, despite a 9.2% decline in sales to €361.4M.

  • Order backlog remains robust at €1.4B, focused on high value-added products, ensuring future profitability and visibility.

  • Abu Dhabi plant investment completed; production and billing for ADNOC contract commencing in H2 2025, expected to drive significant growth.

  • Strategic Plan 2027 (NT2) remains on track, with optimism for medium and long-term prospects despite global uncertainty.

  • Results highlight resilience and validate strategic positioning in premium and niche markets.

Financial highlights

  • Sales for H1 2025 were €361.4M, down 9.2% year-over-year; EBITDA €61M (margin 16.9%), EBIT €37.4M (10.3%), pre-tax earnings €20.3M, net profit €15.6M (4.3% of sales), up 140.9% year-over-year.

  • Working capital at €384.6M, peaking as of June 30, with working capital/sales at 52.6%.

  • Net financial debt at €369M, with a net financial debt/EBITDA ratio of 3.1x; deleveraging expected to reach 2–2.5x by end of 2025.

  • CapEx for H1 2025 at €41.6M, mainly for Abu Dhabi plant; €134M in cash and €216M in liquidity, solvency rate at 33%.

  • Stock price up 20.9% in H1, with a target price implying 42% potential upside.

Outlook and guidance

  • Positive outlook for 2025, expecting stable or improved results and margins, with significant balance sheet improvement as ADNOC and Petrobras contracts are monetized.

  • Strategic focus on maintaining profitability margins between 14–15% of sales, even in adverse environments.

  • NT2 2027 plan targets: revenues €1.2–1.4B, EBITDA >€200M, NFD/EBITDA <2x, payout ratio 30–40%.

  • Commitment to reduce oil & gas exposure to one-third of business and lead in low-carbon sectors.

  • Cautious stance due to global uncertainty, with ongoing monitoring of market conditions.

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Frequently asked questions

Tubacex S.A. is a global manufacturer and distributor of seamless stainless steel tubes and pipes. The company specializes in providing high value-added products for industries such as oil and gas, power generation, petrochemicals, and other energy-related sectors. Its portfolio also includes fittings, hollow bars, and high-nickel alloy products. Tubacex operates internationally, with production and sales facilities across Europe, the Americas, and Asia, and offers end-to-end solutions from manufacturing to distribution. The company is headquartered in Llodio, Spain, and its shares are listed on the Madrid Stock Exchange.

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